The recent pace of change in the business landscape has been rapid. As we emerged from the Covid pandemic, ‘flexible working’ became part of our daily conversation and has had a massive impact on the way we work and live.
Over the last year, the use of AI and chatbots, including Chat GPT, have become the norm for businesses, and customers who expect to be able to interact 24/7.
With such swift transformation, keeping up with trends is essential for businesses looking to stay ahead in a competitive market.
Over the next two months, we’re highlighting eight key developments shaping the business environment in 2024, as featured in this Forbes article: The 10 Biggest Business Trends for 2024.
This month we’ll focus on the business trends coming down the track that revolve around technology. Check back next month when we’ll be looking at employees and the workplace.
Digital transformation
AI and machine learning have been around for more than a decade and were already well integrated into many of the products and services we buy from major companies before 2024 dawned on our calendars.
Now, however, generative AI like ChatGPT puts added power for automating things like the customer experience and internal operations in the hands of nearly every organisation.
So it’s no surprise that this year we can expect to see an accelerated pace of digital change across different industries.
Bigger businesses are investing in cutting-edge technology like artificial intelligence, machine learning and blockchains to improve efficiency, streamline processes and gain a competitive edge.
All of this means we needed a skilled workforce with the right training. The BBC has a good beginner’s guide to AI for anyone wanting to get to grips with the basics, and the good news is that it’s free.
E-commerce
The rise of E-commerce – the exchange of goods and services online – brought on by the pandemic, shows no sign of slowing down.
This year, businesses will continue to invest in their online presence, with some even leveraging advanced technologies such as augmented reality for immersive online shopping experiences.
The focus will be on providing convenience, personalisation and a seamless customer journey.
The downside of automation and investment in the newest technology is that customers can find it difficult to speak to an actual person when things go wrong. And even the simplest transactions now lead to a stream of satisfaction surveys and ratings forms.
Data-privacy and security
With increasing reliance on digital technologies, data privacy and security are vital. In 2024, businesses will invest heavily in cybersecurity measures to protect sensitive information and build trust with consumers, according to Forbes.
Compliance with data protection regulations will be a priority, and companies will need to stay agile in the face of evolving cyber threats.
Scams pose a particular risk to small and medium-sized businesses. One Hertfordshire business that has made brushes since 1777 and supplies hairbrushes to the royal family had 1.6m stolen in 20 minutes in July 2023 due to a scam (read more here).
Awareness is key, so here are 10 scams to be aware of if you run your own business. Gov.uk also offers advice on protecting your business from scams and frauds.
FinTech and digital payments
The financial technology sector is booming, and in 2024, we can expect continued innovation in digital payments.
Cryptocurrencies, decentralised finance, and digital wallets are gaining mainstream acceptance. Businesses are adapting to these changes by integrating seamless and secure digital payment options into their operations.
Summary
The business landscape in 2024 is marked by innovation and adaptability. Staying agile and embracing change will be key to surviving and thriving in this ever-changing market.
Check back in next month when we’ll look into changes you can expect to see in 2024 that revolve around the workplace and employees.
You can read the full Forbes article here: The 10 Biggest Business Trends for 2024.
Employee Benefits in a Changing Landscape
Because businesses need to stay agile in competitive markets, outsourcing important elements to experts makes good sense. At Enjoy Benefits, we are chosen by thousands of businesses around the UK to manage salary sacrifice benefits, voluntary benefits and employer support.
Our Client Managers will look at the challenges your business is facing and then suggest the best benefits and services to help you and your employees.
There’s no minimum number of employees required for you to sign up to our services.
Our benefits save employees money through salary sacrifice, so they pay less tax and National Insurance. Your business can save substantial amounts too, with reduced Class 1 NI contributions and a lower wage bill by offering benefits rather than pay rises.
Read: Why employee benefits are great for business.
More about us
At Enjoy Benefits, we have 20 years of experience in helping companies of all sizes adapt and introduce benefits that are suitable for their workplace.
Benefits are easy to set up and ongoing administration is then run through a hub, allowing employees to manage their own benefits while the employer can see which benefits are proving popular and what level of take-up each has had.
If you would like an obligation-free chat to discuss which benefits might work for your business and your employees, please contact us by calling 0800 088 7315 or using our Contact Form.
Ready to start working with us?